FCMC entered into administrative agreement with Versobank AS, legal proceedings against FCMC decision terminated

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Riga, 27.07.2017

Press Release 

FCMC entered into administrative agreement with Versobank AS, legal proceedings against FCMC decision terminated 

On 21.07.2017, the Administrative District Court terminated legal proceedings against the decision of 06.09.2016 by the Financial and Capital Market Commission (FCMC) regarding the lifting of prohibition on Versobank AS to provide services in Latvia. The decision of the Court was taken as the FCMC and Versobank AS had entered into the administrative agreement. 

On 29.06.2017, FCMC entered into the administrative agreement with Versobank AS established in Estonia stipulating that "The case regarding Versobank AS is closed. Versobank AS has ensured l compliance in full with the Commission's  Decision No 150.. Versobank AS (Reg.no 10586461, address Hallivanamehe 4, 11317 Tallinn, Estonia) is not forbidden from  providing financial services in the territory of the Republic of Latvia and attracting new clients in the territory of the Republic of Latvia according to the provisions of legal acts''. 

FCMC points out that Versobank AS may provide financial services in Latvia upon obtaining authorisation in accordance with the procedures laid down in laws and regulations.

 

Further information:

Agnese Līcīte

Public Relations Specialist 

FCMC Communications Division 

Phone: +371 67774808; e-mail: Agnese.Licite@fktk.lv